First Republic Bank CEO Presents At Deutsche Bank Global Financial Services Investor Conference (Transcript)

First Republic Bank (FRC)

Deutsche Bank Global Financial Services Investor Conference

May 22, 2012 10:20 am ET

Executives

Jim Herbert – Chief executive Officer

Glenn Degenaars - Senior Managing Director and Portfolio Manager, First Republic Investment Management

Pamela Joyner - Director

Michele Celestino – Managing Director

Anna Legio- Managing Director

Analysts

Dave Rochester - Deutsche Bank

Presentation

Dave Rochester - Deutsche Bank

Good morning, everyone. I think we will go ahead and get started here. I am Dave Rochester. I'm the mid cap banks analyst here at Deutsche Bank.

It is my pleasure to introduce management team of First Republic Bank, its ticker, FRC. First Republic is a $30 billion asset bank, well over $4 billion in market cap. The bank is solely focused on catering to the high net worth customer segment. It has a bicoastal footprint in regions with large concentrations of high net worth customers, including San Francisco, L.A., New York and Boston, all of which combined account for just over 50% of the high net worth households in the U.S.

It has an estimated 16% market share in this segment in San Francisco, is in a process of building out a platform in Boston and New York. There is a whole lot of opportunity there which we will hear more about. I think this is easily one of the higher quality banks that I cover, among the strongest growth banks certainly in my coverage with the unique model that has really indicative of the success of this bank.

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